Purpose

Ireland has become one of the main sources of finance for Russian based firms. The purpose of this paper is to quantify and analyse these flows to examine governance and regulatory issues, in particular the possible effect of sanctions.

Design/methodology/approach

The paper is based on detailed searches of publicly available filings in Company House, Ireland to identify Russian connected conduits. Data was extracted from available accounts and prospectuses for 106 conduits operating in Ireland for some or all of the period 2005-2017.

Findings

The paper shows gross flows from Irish based conduits to Russian firms amounted to €118bn for 2005-2017; flows may be partly explained by round tripping; sanctions have also affected flows; flows are facilitated by close linkages with professional networks both within Ireland, and other offshore financial centres, especially London; The conduits examined have no employees and are mostly owned by a charitable trust or trust. They have become a major part of a largely unregulated shadow banking system.

Originality/value

This paper used searches of publicly available company filings to create a unique database of individual firms. Data on the use of financial centres by individual firms is hard to obtain and the results of this study may be indicative of the use and nature of conduits in other financial centres which form part of the shadow banking sector.

中文翻译：

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为俄罗斯公司融资：爱尔兰和往返

目的

爱尔兰已成为俄罗斯公司的主要资金来源之一。本文的目的是量化和分析这些流动，以检查治理和监管问题，特别是制裁的可能影响。

设计/方法/方法

该论文基于对爱尔兰 Company House 公开文件的详细搜索，以确定俄罗斯连接的管道。数据是从 2005 年至 2017 年部分或全部期间在爱尔兰运营的 106 个管道的可用账户和招股说明书中提取的。

发现

该文件显示，2005 年至 2017 年，从爱尔兰管道到俄罗斯公司的总流量达 1180 亿欧元；流量可以部分地通过往返来解释；制裁也影响了资金流动；与爱尔兰和其他离岸金融中心，尤其是伦敦的专业网络的密切联系促进了流动；检查的管道没有员工，大部分由慈善信托或信托拥有。它们已成为基本上不受监管的影子银行系统的重要组成部分。

原创性/价值

本文使用对公开公司文件的搜索来创建单个公司的独特数据库。很难获得个别公司使用金融中心的数据，本研究的结果可能表明构成影子银行部门一部分的其他金融中心的渠道的使用和性质。